Avast share price soaring on Thursday following announcement
Avast (LON:AVST), the UK-listed cybersecurity firm, confirmed it is in “advanced discussions” with NortonLifeLock over the possibility of a merger between the two companies.
The acquisition of its rival signals Avast’s intent of consolidating its position in the competitive cybersecurity market.
While Avast said that there is no guarantee that the deal will go through, it has been reported elsewhere that the companies could come to an agreement at some point this month.
“A further announcement will be made if and when appropriate,” the company said via a statement last night.
The £5.2bn firm added that any deal would be structured as a cash and shares offer.
Avast was founded over forty years ago, and has since become one of the largest cybersecurity companies in the world, selling software products to consumers. Its most known competitors historically are Norton and McAfee.
The industry has grown rapidly recently due to an increase in hacking attacks on both companies and individuals.
The Avast share price is up by 13.07% during the morning session on Thursday following the news, now sitting at 571p.
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